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Šibenik Investment: Large Property Projects Coming to Dalmatian City

A large Šibenik investment is underway, with construction permits expected to be granted in the spring, and works set to begin just after the end of 2019's summer tourist season.

As Suzana Varosanec/Poslovni Dnevnik writes on the 2nd of January, 2019, Zagreb Montaža Grupa (Montage Group) and ZM Development for design and construction, both headquartered in Zagreb, have gone about preparing the ground in the historic Dalmatian city of Šibenik for this year in order to intensify new, large real estate projects - Draga and Podsolarsko. The total value of the foreseen investments is approximately 110 million euro..

Partnership with the Austrians

Otherwise, this project refers to one of the largest Croatian construction companies with about 1,500 employees, and which is mostly engaged in jobs related to European Union export markets. It appears that the Draga project will be realised in partnership with an Austrian real estate company, while Podsolarsko will be run independently. Judging by what is known at the moment, both projects are gradually moving towards realisation at the same time, a fact which seems to have served as a "trigger" for completing the necessary spatial-planning and other paperwork for Podsolarsko at the end of 2018.

As they are currently navigating through the waters of the highest status of administrative preparation in Šibenik, and a quick procedure for the issuing of the necessary building permits is expected, which according to the current announcements should be resolved in the spring. After the upcoming summer tourist season, these projects are going to be realised with the execution of the first construction work. Thus, newly-built facilities will be built, covering a total area of ​​approximately 70,000 m2.

Within the scope of this project which encompasses a large Šibenik investment, Draga is preparing an additional offer of substantial garage space for the market. The design of the necessary solutions for such an offer is already under way with a design bureau from Barcelona in charge of Draga, while one of Zagreb's architectural offices is undertaking the design work for Podsolarsko.

As part of the Draga project, with a planned investment of about 50 million euro, 40,000 m2 of new garage-retail and residential space in the centre of Šibenik is planned. As the design and plan extends where today's city market currently stands, which will require for it to be temporarily relocated to part of today's parking area next to Šibenik bus station, the first phase of this project must be completed within eighteen months of the beginning of construction.

After the realisation of the main part of the project, the second phase is expected to be the construction of apartments and business premises. There will be a modern residential area boasting an impressive 30,000 m2 of living space, the construction of a mini marina for up to 65 boats is also set to take place.

The second phase of the plan involves the construction of hotels with about 250 accommodation units, they'll allegedly be of a high category, and this stands as an investment that cannot be less than 60 million euro, they say.

Sources close to the Zagreb Montaža Grupa say that both Šibenik investment projects have already attracted the interest of potential buyers.

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